4 Steps for Small Businesses to Stay Ahead of Their Bills During COVID

4 Steps for Small Businesses to Stay Ahead of Their Bills During COVID
  • Opening Intro -

    During these turbulent times, it is more important than ever to stay on top of your business's financials to ensure you can come back strong once things return to normal.

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This is understandably difficult since bills from vendors continue to pile-up, even though you have little to no income with which to pay those bills. Though no solution is perfect, there are things you can do to help weather this unprecedented crisis.

To start, here are four steps for small businesses to stay ahead of their bills during COVID.

Look for Savings

Part of wise business planning is taking the time to regularly evaluate your expenses to see if you can find better deals with other vendors.

For example, if your business phone plan is expensive, you may consider another phone provider or switch to a cell phone for your phone needs.

In many cases, though, you don’t have time to evaluate your vendors as you spend time focusing on other aspects of your business. Take this slow time, then, to go through all of your expenses so that you can identify any areas of possible savings.

Tough Negotiations

In some cases, the companies that provide certain services to your business may be the only companies that provide that particular service.

In that case, it’s important to put on your negotiator hat to see if you can lower your bills or have payment deadlines extended.

While some companies may be unwilling or unable to budge, you might be surprised at how much you can save on your bills by talking to the right people in the right way at the right time. Remember, your leverage is that they need customers as badly as you do. Show them that it is better to keep you as a customer than to lose your business with the knowledge that things will get better.

Help is Available

Even with your best penny-pinching efforts, there will still be bills that come due during this crisis. Fortunately, the federal government has provided the CARES Act to help businesses just like yours stay afloat.

The CARES Act helps small businesses by providing loans and grants to help cover things like payroll, utilities, and other necessities that can’t be delayed. Don’t be afraid to seek out this assistance if you think it will help save your business. This bill was made specifically for businesses like yours who n

Get Creative

Depending on where your business is located, you may be facing a variety of restrictions that prevent you from conducting business as usual. That’s doesn’t mean you can’t get creative, though, to create at least a little cash flow to help your business pull through.

Whether you switch to an online sales model, figure out a way to offer curbside pickup, or perhaps begin offering a new product or service that isn’t restricted, there are plenty of possibilities to help keep your customers engaged and your bills paid. Now is the time, more than ever, to rely on your creativity and drive that led you to start your own business in the first place.

other valuable tips:

It can be hard to make your bill payments when business is slow, people are scared to go out and spend, and the stock market is suffering. Many small businesses fear going under, but it is essential to remember that you are not alone in this crisis.

Your community doesn’t want you to go under, and neither does the government. If you take strict budgeting measures and reach out to government and community resources, you’ll be able to weather this storm. The most important thing is that you keep yourself and your employees safe so that when this is all over, you can start up again as before.

Image Credit: small business bill paying by envato.com

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